行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 [Table_Summary] 报告要点： 当前需求偏弱，但年度累计仍处超预期区间 乘用车：11 月 1-16 日，全国乘用车市场零售 88.6 万辆，同比去年 11 月 同期下降 14%，较上月同期下降 6%，今年以来累计零售 2,014.2 万辆， 同比增长 7%；11 月 1-16 日，全国乘用车厂商批发 102.1 万辆，同比去 年11月同期下降14%，较上月同期增长14%，今年以来累计批发2,479.5 万辆，同比增长 11%。 新能源：11 月 1-16 日，全国乘用车新能源市场零售 55.4 万辆，同比去 年 11 月同期增长 2%，较上月同期增长 7%，今年以来累计零售 1,070.3 万辆，同比增长 21%；11 月 1-16 日，全国乘用车厂商新能源批发 61.8 万辆，同比去年 11 月同期增长 1%，较上月同期增长 17%，今年以来累 计批发 1,267.5 万辆，同比增长 28%。 国内主要车企推动多策略出海，中国汽车全球化趋势明确 11 月 18 日，零跑汽车透露与一汽集团的合作已取得实质性进展。 ...

主持人： 中国能源汽车传播集团董事、副总编辑兼中国汽车报社总编辑·桂俊松 对话嘉宾： 中国汽车动力电池产业创新联盟理事长、中国汽车芯片产业创新 战略联盟联席理事长、德载厚资本董事长·董 扬 航盛集团董事长兼总裁·杨 洪 （排名不分先后） 近日，在第二十届中国经济论坛平行论坛—— "展望'十五五' 巩固车优势"现场，一场聚焦汽车产业未来发展的圆桌讨论引发广泛关注。在中国能源汽 车传播集团董事、副总编辑兼中国汽车报社总编辑桂俊松主持下，行业大咖、政府代表等展开深度对话，从"十四五"的辉煌成就到"十五五"的发展蓝图，从 产业优势到集群布局，嘉宾们畅所欲言，为中国汽车产业的未来发展建言献策。 走过"十四五" 中国汽车取得自信 桂俊松："十四五"这5年对于中国汽车来说是非同寻常的5年。中汽协许海东称它是"爆发性发展"的5年，刚才赵福全院长在演讲中称这5年是中国汽 车"历史巨变的拐点"。在中国汽车迎来巨变、质变的这一关键时期，中国汽车产业取得了诸多成就和优势。那么请问，您认为这其中最突出的成就或优势是 广州市南沙区人大常委会副主任·冷瑞华 广汽集团平台技术院智能驾驶专业总师·朱 冰 什么？ 董扬："十四五"最核心的成就在 ...

Group 1 - The report highlights the ongoing transformation in the artificial intelligence (AI) industry, with significant advancements in AI models and increasing capital expenditures from cloud service providers, driving demand for AI computing hardware infrastructure [8][20][39] - The semiconductor industry is expected to continue its upward trend, with AI driving a potential super cycle in the memory sector, as domestic manufacturers enhance their competitive advantages in technology and supply chains [11][18][19] - The electronic industry has significantly outperformed the CSI 300 index, with a year-to-date increase of 38.35% compared to the CSI 300's 16.85% [18][19] Group 2 - Major cloud companies are increasing their capital expenditures, with North American cloud providers collectively spending $96.4 billion in Q3 2025, a 67% year-on-year increase, to support AI infrastructure [39][40] - The report emphasizes the rapid growth of AI server demand, with the global AI server market projected to reach $158.7 billion in 2025, reflecting a compound annual growth rate of 15.5% from 2024 to 2028 [51][53] - The report identifies key investment opportunities in sectors such as AI computing chips, AI PCBs, and memory modules, recommending specific companies for investment based on their market positions and growth potential [11][12][52]

Group 1: Cultural Openness and Innovation - Shanghai is nurturing an inclusive and symbiotic "rainforest ecosystem" through cultural openness, where enterprises, talents, and the city interact deeply [2] - The Shanghai LEGO Park exemplifies cultural integration, showcasing a blend of Eastern and Western cultures, attracting both local and international visitors [2] - Support for small and medium-sized cultural enterprises, such as the Duyin Bookstore, highlights Shanghai's commitment to international cultural exchange through funding and cross-border copyright services [2] Group 2: Ecosystem Development and Industry Collaboration - The Zhangjiang Science City demonstrates strong ecological synergy in the biopharmaceutical industry, enabling companies like Hewei Medical to achieve significant breakthroughs through shared resources and regulatory support [4] - The collaboration within the new energy vehicle industry in the Yangtze River Delta serves as a model for industrial synergy, with a 30% year-on-year increase in Shanghai's new energy vehicle exports in the first half of 2025 [5] Group 3: Systemic Openness and Efficiency - The Shanghai Futures Exchange has launched the world's first offshore futures product directly referencing RMB pricing, increasing the proportion of RMB settlements from 15% to 30% [6] - The implementation of a cross-border data flow regulatory pilot in the Lingang New Area has improved data transmission efficiency by 40% for companies like Tesla [6] - The "cross-domain handling" mechanism in the G60 Science and Technology Corridor allows for streamlined administrative processes across cities, significantly reducing the time required for enterprise certifications [6] Group 4: Overall Insights on Openness - Shanghai's journey of openness reveals that the best form of openness is mutual achievement, and the strongest convergence is a continuous process [7]

Core Viewpoint - Bertli (603596.SH) is actively expanding its business in various automotive systems and has entered the humanoid robot sector, indicating a diversification strategy aimed at future growth [1] Group 1: Business Overview - The company's main business includes brake systems, steering systems, suspension systems, lightweight business, and intelligent driving systems [1] - Bertli has completed the layout of lead screws and motors for its new humanoid robot sector [1] Group 2: Financial Performance - For the period from January to September 2025, the company's revenue increased by 27.04% year-on-year [1] - The number of new designated projects reached 413, representing a year-on-year growth of 37.21% [1] - The projected annual revenue from new designated projects is estimated to be 7.103 billion yuan [1]

Core Viewpoint - The automotive industry is experiencing a divergence in performance, driven by scale effects and a shift towards high-end products, impacting profitability across different segments [2][4][5]. Passenger Vehicles - In Q3 2025, wholesale sales of passenger vehicles reached 7.686 million units, a year-on-year increase of 14.7% and a quarter-on-quarter increase of 8.1% [2]. - Wholesale sales of new energy passenger vehicles were 4.024 million units, up 24.2% year-on-year and 10.9% quarter-on-quarter, with a penetration rate of 52.4% [30][49]. - Revenue for six major domestic companies, including SAIC and BYD, totaled 537.8 billion yuan, reflecting a year-on-year growth of 7.8% [2]. - The gross margin for passenger vehicle companies was 15.1%, down 2.5 percentage points year-on-year but up 2.2 percentage points quarter-on-quarter [2]. - Net profit attributable to parent companies in Q3 2025 was 13.57 billion yuan, a decline of 20.2% year-on-year and 11.1% quarter-on-quarter [2]. Auto Parts - The auto parts sector saw revenue of 279.8 billion yuan in Q3 2025, a year-on-year increase of 17.9% and a quarter-on-quarter increase of 5.0% [3]. - The gross margin for the auto parts sector was 18.3%, up 0.6 percentage points year-on-year [3]. - The net profit growth rate for the auto parts sector was 13.8% year-on-year, with a net profit margin of 5.8% [3]. Commercial Vehicles - Heavy truck wholesale sales reached 282,000 units in Q3 2025, a year-on-year increase of 58.1% [4]. - Revenue from key heavy truck companies was 108 billion yuan, up 26.9% year-on-year [4]. - The gross margin for key bus companies was 19.3%, an increase of 7.4 percentage points year-on-year [4]. Motorcycles - The wholesale sales of mid-to-large displacement motorcycles reached 259,000 units in Q3 2025, a year-on-year increase of 19.2% [5]. - Revenue for the motorcycle sector was 15.41 billion yuan, reflecting a year-on-year increase of 25.4% [5]. - The overall gross margin for key motorcycle companies was 23.2%, up 0.4 percentage points year-on-year [5]. Investment Recommendations - For passenger vehicles, companies such as Geely, Xpeng, and BYD are recommended due to their focus on smart and global expansion [5]. - In the auto parts sector, companies involved in smart driving and lightweight components are highlighted for investment [5][6].

近来，一种被称作"智驾神器"的方向盘配重块在网络上"走红"。这些售价数十元的小装置，号称能让车 主获得"全程免接管"的自动驾驶体验。它看似小巧智能，实则是用来欺骗车辆辅助驾驶系统的"作弊 器"，藏着不小的安全隐患。 当前，市面上部分智能驾驶系统要求驾驶员必须手握方向盘，一旦系统检测到手部离开，便会发出警 报。所谓"智驾神器"正是在这个环节钻空子——通过模拟手部压力或发送红外信号，让系统误以为驾驶 员仍在操控方向盘。这种以欺骗手段逃避安全监测的做法，无疑将自己和他人置于巨大的风险之中。 铲除"智驾神器"生存土壤，汽车企业应持续优化系统的监测逻辑与交互提醒，提升系统的精准性与抗干 扰能力。电商平台需加强对此类伪科技产品的审核力度，内容平台则应及时清理相关推广视频，阻断其 传播。监管部门也需加大对销售使用"智驾神器"等行为的执法力度，同时推动完善相关技术标准，督促 行业建立更可靠的身份验证与行为监测机制。 驾驶技术创新是为了让出行更安全、更便捷，而非制造新的风险。在迈向高阶自动驾驶的道路上，须臾 不可或缺的是驾驶者心中紧绷的安全弦。唯有守住安全底线，智能驾驶技术才能真正行稳致远。 （摘编自《科技日报》，原题为《"智 ...

（文章来源：证券日报） 证券日报网讯北路智控11月12日在互动平台回答投资者提问时表示，公司目前无并购重组驰田汽车的相 关计划。在无人驾驶领域，公司当前业务核心聚焦于地下矿山特定应用场景。经过持续的研发创新与技 术积累，目前已形成涵盖智能驾驶系统、线控系统、智能调度系统及云控平台的智能驾驶核心产品体 系。根据公司2025年7月21日发布的公告，公司计划投资6亿元建设矿山智能驾驶产业化基地项目，重点 推进矿山智能驾驶相关产品的研发升级及批量化生产。该项目的实施，将有助于进一步强化公司的核心 技术能力，加快智能驾驶业务的市场拓展与产业化进程。公司始终对符合战略方向的合作与投资机会保 持开放态度，相关进展请以公司公告为准。 ...

Core Viewpoint - The company has no plans for mergers or acquisitions related to Chitian Automotive and is currently focused on specific applications in underground mining within the autonomous driving sector [1] Group 1: Business Focus - The company's core business in the autonomous driving field is concentrated on specific applications in underground mining [1] - The company has developed a core product system for intelligent driving, which includes intelligent driving systems, drive-by-wire systems, intelligent scheduling systems, and cloud control platforms [1] Group 2: Investment and Development Plans - The company plans to invest 600 million yuan to establish a mining intelligent driving industrialization base project, aimed at advancing the research and development and mass production of mining intelligent driving-related products [1] - The implementation of this project is expected to enhance the company's core technological capabilities and accelerate the market expansion and industrialization process of its intelligent driving business [1]

Core Viewpoint - The company has no plans for a merger or acquisition involving Chitian Automobile, focusing instead on its core business in the autonomous driving sector, particularly in underground mining applications [2]. Group 1: Company Plans and Investments - The company is currently concentrating on specific applications in underground mining for its autonomous driving business [2]. - A significant investment of 600 million yuan is planned for the construction of an industrialization base for mining intelligent driving products, aimed at enhancing R&D and mass production [2]. - The implementation of this project is expected to strengthen the company's core technological capabilities and accelerate market expansion and industrialization of its intelligent driving business [2]. Group 2: Technology and Product Development - The company has developed a core product system for intelligent driving, which includes intelligent driving systems, drive-by-wire systems, intelligent scheduling systems, and cloud control platforms [2]. - Continuous R&D innovation and technological accumulation have led to the formation of this comprehensive product system [2].